Gifted deposit query please help!

subcapsular

my parents and I currently live together.
They are downsizing and helping me purchase my own home with a gifted deposit from the proceeds of the sale I will be mortgaging the rest of the balance of the house.

Everything was running smoothly I’ve had an offer accepted on a property and my mortgage offer is all but nearly done (holding of my one or two final documents)

However! The buyer of my parents Home chain has fallen through and now I risk loosing the property on which I have been accepted.

For one of many reasons (location from work, price, suitability) I do not wish to loose this property.

My fathers brother(my uncle) has offered to borrow funds to my parents who can then repay him on the sale of there house.

They can then still gift me my deposit as originally planned.

My solicitor mentioned he may have to show this as a Loan to me?
This will affect my borrowing eligibility and may result in a declined mortgage application.

As the ‘loan’ is beteen my parents and uncle on an informal agreement how would I best move forward?

My parents are also keen for me to not loose the property

davidmcn

subcapsular wrote: »

My solicitor mentioned he may have to show this as a Loan to me?

Did he explain why? Whether it's a gift or loan depends on the agreement between you and whoever is giving the money to you - the fact they are borrowing it from someone else shouldn't be relevant.

subcapsular

He just stated that if a third party was involved in funding the property purchase directly or indirectly he would be under obligation to notify mortgage company.
I was under the impression as my parents are borrowing the money and not myself if shouldn’t impact the purchase

My parents will have a signed letter declaring no interest in the property and that they will not be living in the property.